Credit Score - Is this Legit or Accurate?

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Forums › Finance and wealth management › Credit Score - Is this Legit or Accurate?

tdgeek

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#207553 2-Jan-2017 09:52

Its an opinion piece on Stuff (yeah, ok) so I ran it, and got a score. Anyone know if this is a creditable , pun not intended, measure?

Why I ask is that my score is 974 out of 1000. Thats good, but it seems its too good, hence my post.

http://www.stuff.co.nz/business/money/87667958/rob-stock-what-you-should-pay-for-debt

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#1697434 2-Jan-2017 09:59

And I now see there are 6 offers for me, which are for 2 Warehouse Visa cards, and 4 Amex based cards, one via AirNZ. Maybe thats for my benefit, probably its the "sale" part of this site?

freitasm

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#1697435 2-Jan-2017 09:59

I've done a check last year and completely forgot about it. Not something I will add to my "actively manage in my life" when I have other stuff to do.

However if you go to their website it's clearly written there "Get targeted offers and insights based on your profile."

So there you go... Don't complain about spam later when you willingly gave away an email address.

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freitasm

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#1697436 2-Jan-2017 10:00

My reply about spam was posted at the same time as the OP's realisation hew had sold his soul.

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tdgeek

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#1697437 2-Jan-2017 10:02

freitasm:

I've done a check last year and completely forgot about it. Not something I will add to my "actively manage in my life" when I have other stuff to do.

However if you go to their website it's clearly written there "Get targeted offers and insights based on your profile."

So there you go... Don't complain about spam later when you willingly gave away an email address.

Fair call, my bad. But is it my real credit score? I just did it after reading the article as it was quick and free, I don't have any issue with what my score is from a need to know point of view.

tdgeek

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#1697439 2-Jan-2017 10:05

Ah, its a Dun and Bradstreet owned site, so it is real. Good for those to negotiate rates I guess, and for those who may need work towards improving it.

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#1697440 2-Jan-2017 10:05

It probably is.

An opinion piece, possibly paid, talking up a service where their main objective is to harvest email to make money off of it... That's Stuff and "Sponsored Content" for you folks, a cautionary tale.

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tdgeek

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#1697441 2-Jan-2017 10:06

freitasm:

My reply about spam was posted at the same time as the OP's realisation hew had sold his soul.

LOL quite true. But its D+B so I feel safer now, from borrowing money to buy a bigger Inbox!

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myndlyz

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#1697488 2-Jan-2017 11:02

I've been told every time someone credit checks you, like applying to rent a house or my employer it will affect my score. Because it assumes i'm applying for a loan.

Does anyone know if I enquire about my credit score if that will affect my credit rating score??

Linuxluver

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#1697491 2-Jan-2017 11:08

tdgeek:

Its an opinion piece on Stuff (yeah, ok) so I ran it, and got a score. Anyone know if this is a creditable , pun not intended, measure?

Why I ask is that my score is 974 out of 1000. Thats good, but it seems its too good, hence my post.

http://www.stuff.co.nz/business/money/87667958/rob-stock-what-you-should-pay-for-debt

I got 934. Possibly lower than yours because I've been at my current address less than 3 years.

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Linuxluver

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#1697493 2-Jan-2017 11:10

myndlyz:

I've been told every time someone credit checks you, like applying to rent a house or my employer it will affect my score. Because it assumes i'm applying for a loan.

Does anyone know if I enquire about my credit score if that will affect my credit rating score??

It assumes you've applied for access to credit.....like using Genesis for gas / power and they bill you after you use it. It's not a loan, but you have a defacto 'credit' facility with them.

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Linuxluver

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#1697494 2-Jan-2017 11:13

myndlyz:

I've been told every time someone credit checks you, like applying to rent a house or my employer it will affect my score. Because it assumes i'm applying for a loan.

Does anyone know if I enquire about my credit score if that will affect my credit rating score??

A good credit score is a product of having a record of using credit and always paying it off with no issues or serious (60 days +) missed payment issues.

You can also get a bad or mediocre credit score if you never use credit....as there is no history for you, in effect. Someone who always pays cash (no credit cards or bank overdrafts or mortgage or hire-purchase - ever) may strike this problem.

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myndlyz

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#1697497 2-Jan-2017 11:24

Linuxluver:

myndlyz:

I've been told every time someone credit checks you, like applying to rent a house or my employer it will affect my score. Because it assumes i'm applying for a loan.

Does anyone know if I enquire about my credit score if that will affect my credit rating score??

A good credit score is a product of having a record of using credit and always paying it off with no issues or serious (60 days +) missed payment issues.

You can also get a bad or mediocre credit score if you never use credit....as there is no history for you, in effect. Someone who always pays cash (no credit cards or bank overdrafts or mortgage or hire-purchase - ever) may strike this problem.

oh i see.

i had that issue a few years ago, i wanted a car loan but was keep getting declined as i had no credit history. i just couldn't understand it at the time as i tried to tell them i have no bills, debt.

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#1697502 2-Jan-2017 11:27

I've looked at nearly 25,000 credit checks. If it has to be looked at by a person (rather than a computer) the defaults are going to outweigh any positive behaviour.
I realise the amended system was supposed to address this but if you have four figure default, NAP, or bankruptcy on your file in the last seven years it will be very difficult to get credit.

Edit for the poster above, we used to come across this a bit, to stereotype it may have been a wife where the husband held all the purse strings, all accounts in his name etc. Tough, but that's the way the game goes. Same with people who always paid cash, I'd ask why they weren't paying cash now?

kingjj

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#1697504 2-Jan-2017 11:28

When this first launched I was in the late 600's and received plenty of "good" offers... 4 months later I'm now in the mid 400's and still receiving the same "good" offers. I'm one of those people that doesn't regularly get credit (apart from the mortgage and a couple of seasoned always paid off credit cards) so I'm now in the "won't get offered credit cards or good loans" category according to Stuff. Interesting considering I've recently been targeted by Amex to upgrade to a platinum card, called several times by GE offering me a very good rate and had the bank suggest I take out extra lending to buy an investment property.

A grain of salt I reckon.

Jase2985

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#1697508 2-Jan-2017 11:41

kingjj:

When this first launched I was in the late 600's and received plenty of "good" offers... 4 months later I'm now in the mid 400's and still receiving the same "good" offers. I'm one of those people that doesn't regularly get credit (apart from the mortgage and a couple of seasoned always paid off credit cards) so I'm now in the "won't get offered credit cards or good loans" category according to Stuff. Interesting considering I've recently been targeted by Amex to upgrade to a platinum card, called several times by GE offering me a very good rate and had the bank suggest I take out extra lending to buy an investment property.

A grain of salt I reckon.

sounds exactally like me.

Our GE Credit line is in my wifes name so it doesnt count against me.

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